消息面上，8月13日，和誉宣布，根据MSCI最新公布的2025年8月指数审议结果，公司凭借持续创新能 力和商业化进展，成功被纳入MSCI全球小盘股指数成分股，相关调整将于8月26日收盘后正式生效。此 次纳入意味着全球被动型基金(如ETF)可能增持和誉股票，进一步提升公司市场流动性与国际关注度。 值得注意的是，8月5日，和誉医药发布业绩，上半年公司实现营收6.12亿元，同比增长23%；利润3.28 亿元，同比增长59%。中金表示，公司业绩超预期，主要由于默克行权收入超预期。花旗则认为，和誉 现估值偏低，这主要基于和誉2款晚期候选药pimicotinib与irpagratinib都具高度确定性，且差异化创新管 线有望实现对外授权。该行预期irpagratinib二线肝细胞癌三期临床试验的成功率极高，其估值应被纳入 考量因素。 和誉-B(02256)盘中涨超9%，高见17.5港元再创新高，月内累计涨幅已超60%。截至发稿，涨6.37%，报 17.03港元。 ...

Core Insights - MSCI announced the results of its quarterly index review for August 2025, including the addition of LianLian Digital (2598.HK) to the MSCI Global Small Cap Index [1] Company Overview - LianLian Digital is a leader in the digital payment solutions market in China and a facilitator of global trade digitization [1] - The company is one of the first digital technology firms in China to provide comprehensive payment solutions globally [1] - As of December 31, 2024, LianLian Digital has obtained 65 global payment licenses and qualifications, serving over 5.9 million clients across more than 100 countries and regions, supporting transactions in over 130 currencies [1] Impact of MSCI Inclusion - Inclusion in the MSCI Global Small Cap Index is significant for LianLian Digital as it is expected to attract more international investors and enhance the company's global visibility [1] - Index and passive funds typically invest based on index constituents, so this inclusion is likely to bring in more passive capital inflows [1] - Being part of the index is also anticipated to improve the company's market liquidity and create more value for shareholders [1]